Foreign Exchange trading, also known as Forex or FX trading, has gained enormous popularity in recent years among layman individuals due to the growth of online brokers and the technological development of online trading platforms. With high liquidity, non-stop opening hours 5 days a week, and great opportunities, it is no wonder that the forex market is the world’s most traded market with a daily trading volume of $5 trillion USD.
When trading Forex, you are buying one currency by using another. Therefore, the forex trader is trading currency pairs and not each currency individually. Take for example the EURUSD, when buying the pair – it means you are buying EUR using (selling) USD. When selling the pair – it means you are buying USD using (selling) EUR.
In the Forex world the pairing of the currencies is presented as a rate, which reflects the ratio between the values of the two currencies. For instance, the rate for buying the pair GBPUSD is 1.50514, i.e. £1 GBP = $1.50514 USD.
The Forex pairs are divided into three main groups – majors, minors and exotic pairs. The main difference between the pairs is their liquidity which is a result of the trading volume of these pair. E.g., the major currency pairs are the most traded pairs and each include the USD and another currency, while the most traded minor pairs include one of the three major non-USD currencies (The Euro, the UK Pound and the Japanese Yen).
GoTechFx offers a selection of trading platforms, for both automated and manual trading, with unique features and tools like expert advisors for MT4 to optimize your trading experience. Whether you are interested to trade on your own, or copy the trades of others, our selection caters to all traders, where you are sure to find the one for you. We also offer the option to open a demo account on each platform, where you can practice trading on your platform of choice and master your trading skills, before you start trading in the real market with your own money. In addition to spot trades, our platform allows FX options trading.
Leverage is given by the broker to enable traders to hold trading positions that are larger than what one’s own capital would otherwise allow.
When a trader opens a position at GoTechFx, he is not charged any other commissions beside the spread. The spread is the difference between the buy and sell price which is counted in pips – the fourth digit after the dot. For example if the buy price of EURUSD is 1.1123 and the sell price is 1.1120, then the spread is 3 pips. The spread charged for a position opened by a trader is the spread multiplied by the size of the position.
GoTechFx provides its traders with the ability to trade over +50 Forex pairs, including all the major currency pairs, minors and exotics. Trading Bitcoin and other digital currencies is also available to GoTechFx’s clients. For more information regarding leverage and spreads for all forex pairs offered by GoTechFx, please take a look at our Trading Conditions & Charges.